Report from The Delvens highlights on deep analysis of market characteristics, sizing, estimates and growth by segmentation, regional breakdowns & country along with competitive landscape, Key Competitors market shares, and strategies that are key to the Global market. These Hydrogen Fuel Cell market insights help the business decision-makers to formulate better business plans and make informed decisions to improved profitability. In addition, the study helps venture or private players in understanding the companies in more detail to make better informed decisions.
The Hydrogen Fuel Cell market size was estimated at USD 3.12 billion in 2023 and is projected to reach USD 7.2 billion in 2030 at a CAGR of 12.1% during the forecast period 2023-2030.
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A hydrogen fuel cell is a device that generates electricity by converting hydrogen and oxygen into water. The device operates by continuously pumping chemicals into the cells, which prevents the battery from running out. The market for hydrogen fuel cells is being driven by the increase in demand for electric vehicles, as these vehicles require efficient and sustainable power sources. Companies in the hydrogen fuel cell market are developing new technologies to reduce the weight, manufacturing costs, and component requirements of hydrogen fuel cells. These advances in technology are improving the efficiency of hydrogen fuel cells, making them more attractive to consumers and businesses alike.
Hydrogen fuel cell vehicles use hydrogen to power an on-board electric motor, which is responsible for the vehicle's movement. The hydrogen fuel cell is a device that generates electrical energy through a chemical reaction between hydrogen and oxygen. Unlike traditional gasoline and diesel vehicles, hydrogen fuel cell vehicles do not produce greenhouse gas emissions during operation, making them a promising solution for reducing emissions in the transportation sector.
Competitive Landscape: Hydrogen Fuel Cell market
• FuelCell Energy, Inc.
• Ballard Power Systems
• Hydrogenics Corporation
• SFC Energy AG
• Nedstack Fuel Cell Technology B.V.
• Bloom Energy
• Doosan Fuel Cell America, Inc.
• Ceres Power Holdings PLC
• Plug Power, Inc.
• Nuvera Fuel Cells LLC
• Audi AG
• BMW Group
• Daimler AG
• General Motors Company
• Honda Motor Co. Ltd
• MAN SE
• Hyundai Motor Group
• Ballard Power Systems Inc.
• Volvo Group
• Toyota Motor Corporation
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Key Findings:
• PEM fuel cells are a type of fuel cell that use a polymer electrolyte membrane to conduct protons between the anode and cathode. This technology is largely used in transportation due to its potential environmental effects, such as the reduction of greenhouse gas emissions. PEM fuel cells are also used in stationary and portable power generation applications.
• Transportation segment is facing challenges related to carbon dioxide emissions and noise pollution, which are compelling reasons for reducing fuel usage. As a result, alternative transportation technologies such as electric vehicles (EVs) have gained increased attention from the automotive industries
• Fuel cell vehicles are a type of electric vehicle that use hydrogen fuel cells to generate electricity, which powers the vehicle's electric motor. The rise in revenue from the fuel cell vehicles segment can be attributed to the increasing popularity of electric vehicles and the need to reduce carbon emissions and carbon footprint.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific was the highest revenue contributor, and is anticipated to grow at the fastest rate during the forecast period growing economy and rising standard of living are driving greater energy demand.
Recent Developments:
• In March 2022, two companies, Ceres and HORIBA MIRA, formed a partnership to work together on fuel cell testing and creating a Ceres fuel cell test facility. The location of this partnership is at the HORIBA MIRA West Midlands location in the UK. Ceres is a company that specializes in developing and manufacturing solid oxide fuel cells (SOFCs) for various applications, including power generation and transportation.
• November 2021, Ballard Power Systems, a leading provider of hydrogen fuel cell technology, collaborated with Microsoft and Caterpillar Inc. in November 2021 to develop a megawatt-scale hydrogen fuel cell backup generator system for data centers.
Reasons to Acquire:
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Hydrogen Fuel Cell Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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In addition to the market data for the Hydrogen Fuel Cell Market, Delvens offers client-centric reports customized according to the company’s specific demand and requirements.
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